[THE INVESTOR] Shinhan Card and Tongyang Asset Management have submitted bids to purchase the former head office building of Samsung Fire & Marine Insurance in central Seoul.

The building was put up for sale after Samsung’s financial units moved their offices to Seocho-dong, southern Seoul. 


According to news reports on Aug. 11, Shinhan Card has keen interest in buying the 21-story skyscraper, offering more than 400 billion won (US$360 million) as the bidding price.

The company’s some 3,000 employees are expected to move to the building.

Tongyang Asset Management is an affiliate of Tongyang Life Insurance that was acquired by China’s Anbang Insurance Group last year. If the company wins the bid, it would become the first case that a Chinese firm owns a landmark building in downtown Seoul.

Established in 1989, the Samsung building has floor space of 54,653 square-meter and six more floors below the ground.

By Lee Ji-yoon (jylee@heraldcorp.com)